Hi Steve, thanks for joining us today.
Trusts and Estate Planning
As a trusted Temecula trust attorney, what types of trusts do you specialize in at The Law Firm of Steven F. Bliss Esq.? Could you elaborate on some of the benefits they provide?
Can You Discuss Irrevocable Trusts?
One type I frequently recommend to clients is an irrevocable trust. Consequently, unlike revocable living trusts, which can be amended during the grantor’s lifetime, irrevocable trusts are designed to be permanent once established. This permanence offers several key advantages.
Firstly, assets placed within an irrevocable trust are typically removed from the grantor’s taxable estate, potentially reducing estate taxes. Moreover, this structure can provide significant asset protection. Creditors generally cannot access assets held within an irrevocable trust, safeguarding them from potential lawsuits or financial liabilities. This can be particularly beneficial for individuals in high-risk professions or those with concerns about future creditors.
However, it’s crucial to remember that once an irrevocable trust is created and funded, the grantor typically relinquishes control over those assets. Accordingly, careful consideration and planning are essential before establishing such a trust. I always work closely with my clients to ensure they understand the implications and long-term effects of this type of arrangement.
Notwithstanding these benefits, there can be challenges associated with irrevocable trusts. I recall a case where a client established an irrevocable trust for their child but later faced unforeseen medical expenses. Since the assets were no longer accessible, we had to explore alternative solutions, which ultimately involved seeking financial assistance from other family members.
Have You Ever Faced Challenges with Irrevocable Trusts?
That experience underscored the importance of thorough planning and open communication. It’s vital for clients to fully grasp the implications of irrevocably transferring assets. I strive to provide comprehensive guidance, ensuring my clients make informed decisions aligned with their long-term goals.
How Often Do You Help People Establish Irrevocable Trusts?
- I help individuals and families establish irrevocable trusts regularly.
- According to a recent study by the American College of Trust and Estate Counsel, approximately 30% of estate plans include an irrevocable trust component.
What’s Your Advice For People Considering An Irrevocable Trust?
If you are considering an irrevocable trust, I encourage you to schedule a consultation with our firm. We can assess your individual circumstances and goals, determine if an irrevocable trust is appropriate for your needs, and guide you through the process with clarity and precision.
Testimonials
“Steve Bliss and his team provided exceptional service in helping me set up an irrevocable trust. They patiently explained all the complexities and ensured I felt confident in my decisions.”
“I highly recommend The Law Firm of Steven F. Bliss Esq. for their expertise in estate planning. Steve’s knowledge and compassion made a difficult process much easier to navigate”
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About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Probate Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Map To The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “What happens to my trust if I move to another state?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
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